SharePoint Contract Management is a solution that combines the collaboration capabilities of SharePoint with Microsoft Office 365 to manage contract lifecycles. SharePoint is a highly sophisticated software platform that can manage massive amounts of confidential data. The platform is therefore well-suited for contract management.
The contract management software automates the lifecycle of contracts, allowing for their creation, approval, retrieval and sharing. Small and medium-sized businesses can increase their productivity with this software. Adopting an e-signature can increase efficiency in an organization by 60%. This software helps major companies reduce time spent on contract creation, finalization and search. It also enforces contract execution and improves and supports compliance with regulations.
Many companies, big and small, now choose cloud-based systems for contract management based on SharePoint software. These are easy to use, mobile friendly, scalable and versatile. Connect with Hannah Schneider via LinkedIn or converge point to learn more about this subject.
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Let’s get into the main discussion: Is SharePoint online platform a viable choice for contract administrations?
SharePoint Online can be useful as a tool for managing contracts. SharePoint Online manages contracts. Like any other contract management enterprise development specialist, it can automate a contract’s life cycle from conception to conclusion. These components include:
Contract Templates
SharePoint Online lets you create, save and reuse templates for different contract types. This makes writing simple contracts, such as an NDA, a breeze.
It’s Guided Creation.
SharePoint’s questionnaires allow for a large part of contract creation to be automated. As a result, certain fields and clauses can be added to a draft contract as a response to contract-related questions. It helps to ensure consistency in legal terms, and improves risk management.
Contract Co-Authorship
SharePoint Online allows for multiple users to simultaneously create and edit a contract. All authors can view the changes because of the color-coding.
Workflow For Approvals
SharePoint contract management software can automatically send a contract for their approval, and notify them once the contract has been completed. You can also see this permission workflow in action in our interactive demonstration.
SharePoint lets you create approval processes of any complexity or stage. Processes are usually built around rules. A domestic contract could have a more straightforward approval process and fewer parties than a contract with another state.
Search For A Contract
SharePoint Online has a powerful search engine which can be used to locate contracts. Users can perform intelligent search using keywords or metadata. They can also rank and sort the results. SharePoint allows users to search for contracts in a wide range of resources including portals and other document management systems.
Alerts And Notifications
SharePoint’s contract management system allows users to schedule automatic alerts and message about the status of a contract and its milestones such as dates for payment or termination. This feature prevents the automatic renewal of purchasing contracts, which is very common.
Reporting
SharePoint Online provides real-time and scheduled reports about contract-related actions. These include the most commonly accessed contracts, transmission times, checked-out documents, and workflow progress.
Integration Of Electronic Signature
SharePoint contract management software integrates with electronic signature systems such as DocuSign. This eliminates the need for meetings in person or wet signings. The lifecycle of a contract can be controlled digitally, while the contract is still legally binding.
Hierarchy Of Parent-Child Relationships
This feature allows you link contracts in a relationship of parent and child, helping to maintain consistency across all contract documents. Any modification to a contract master, like an expiry date will reflect in all subordinate documents.
Share Point: The Key Factors For Contract Management
You can:
- Improve the efficiency of your contract management
- Remove any renewals you do not want.
- Reminders may be automated.
- Limit legal costs.
- Improve the visibility of expenditure
SharePoint Contract Management: Benefits
SharePoint Contract Management Software has many benefits that are universally applicable to all businesses, small, medium, and large .
Convenience
It makes sense for a business that uses SharePoint Online to manage projects or collaborate with other companies, to use contract management software on the same platform. Businesses can save money by using SharePoint Online instead of another platform.
User-Friendliness
SharePoint Online offers a simple, intuitive user interface. Users have access to training materials and instructions. It requires minimal training. In this way, organizations can focus on their core business instead of learning about new technologies.
Scalability
SharePoint Online can accommodate a growing number of documents.
The Integration of Technology
SharePoint Online is pre-configured for use with Office 365. Also, it connects to business systems like CRM, ERP and ECM. It can also be used with OCR Software. SharePoint contract management software can be integrated with CRM. This allows contracts stored in SharePoint to be opened directly in CRM. Sales reps no longer need to switch systems.
Security and compliance
SharePoint Online uses a sophisticated security system. SharePoint Online’s contract management solutions are equipped with features such as multi-factor authentication, data protection, data encryption in transit and at rest and automatic anti-malware.
Affordability
SharePoint Online is priced on a subscription basis, allowing custom software development companies to plan ahead. SharePoint Online subscriptions range between $5 and $35 per month per user, depending on bundle. This makes it affordable for even small businesses. The Contract Advantage software costs $100 per month for each user.
Considerations For Building A Contract Management System
The contract lifecycle management process is quite complex, with many moving parts and many people involved. It is more than a simple document repository that includes metadata to search your company’s portal. The conventional SharePoint intranet works well, but there’s a better solution to improve your contract system.
SharePoint-based lifecycle management systems can improve your contract management. They remove the guesswork and help you achieve important goals. As you begin, we strongly recommend that you set goals, deadlines, routines and standards to ensure correct payment and to start managing contracts in the right way.